First Merchants Corporation Stock Forecast

Weaker technical forecast for First Merchants Corporation as stock downgraded to Sell Candidate.
(Updated on Apr 26, 2024)

FRME Signals & Forecast

The First Merchants Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $34.19. On a fall, the stock will find some support from the long-term average at approximately $33.69. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -2.62%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 6.26% to $36.27 within 21 trading days since signal was issued (Monday, April 29, 2024).

Support, Risk & Stop-loss for First Merchants Corporation stock

First Merchants Corporation finds support from accumulated volume at $34.02 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.18 (3.51%) between high and low. For the last week, the stock has had daily average volatility of 3.09%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (FRME) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect First Merchants Corporation to open at $34.25, and during the day (based on 14 day Average True Range), to move between $33.19 and $35.07, which gives a possible trading interval of +/-$0.94 (+/-2.76%) up or down from last closing price. If First Merchants Corporation takes out the full calculated possible swing range there will be an estimated 5.52% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $34.23 (0.29%) than the support at $34.02 (0.32%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is First Merchants Corporation stock A Buy?

First Merchants Corporation holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.639 Sell Candidate Downgraded

Predicted Opening Price for First Merchants Corporation of Monday, April 29, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.